Renting out your property such as your house, condo or apartment is an effortless way to earn passive income. However, being a landlord is not as easy as you think. It requires awareness of the many rules and regulations associated with leasing. Not to mention, the landlord has some complicated obligations to his or her tenants. To enjoy an uncomplicated and headache-free property leasing business, it is important to have a Property Lease Agreement that will serve as the basis of the tenant-landlord relationship. This document spells out all the terms and conditions which both parties have agreed upon. Disputes and legal issues can be prevented by putting all conditions in a document.
A written agreement is essential in protecting your rights as the landord as well as the rights of the tenant. Because of the pivotal role played by this document in the tenancy relationship, it requires careful study and professional drafting. You can either choose to hire the services of a lawyer or real estate agent, or use customized forms available online. Between these two options, using downloadable Property Lease Agreement Form proves to be a cost-effective alternative.
You can find reliable documents provider online through a simple web search. Normally, you will be required to input the terms and conditions of the agreement. You need to follow through a step-by-step process and complete each section. Once done, you can download, print and send the customized lease agreement. For the agreement to be considered legally binding, the tenant and landlord must sign the form which shows the conformity of both parties to all the terms and conditions set forth.
The agreement must comprehensively detail important issues. Among the important considerations is whether the tenant can sublease the space. Normally, tenants sublet the house or apartment when it is necessary for them to stay in another place for a short time. The landlord should decide whether this arrangement will be allowed in the tenth property.
Apart from enacting the rights of both parties, the Property Lease Agreement Form should also clearly list the obligations of either party. Some of the important issues include who is responsible for repairing damages, maintenance of lawn, payment of utilities as well as payment of insurance. Basically, the property owner is obligated for the improvement of the place but the agreement must state the extent of this obligation.
Perhaps, the most important component of the lease agreement is the payment arrangements – the rental rates, payment date, payment notice, charges for late payment, mode of payment, and the duration of the contract. These crucial issues must be thoroughly examined by the property owner and tenant before signing the agreement to avoid any conflict.
When you decide to let your property, you have to ensure that everything is done in accordance with law. Without a properly prepared Property Lease Agreement Form, you are exposing yourself to some serious problems. The lease agreement is actually a very simple form, but it can save you from an unimaginable head when things go wrong.